Mortgage Applications Decrease

The Weekly Mortgage Application Survey of the Mortgage Bankers Association -- with data for the week ending October 26 -- was released October 31.

Application Volume:

• The Market Composite Index, a measure of mortgage loan application volume, decreased 4.8% on a seasonally adjusted basis from one week earlier.
• The Refinance Index decreased 6% from the previous week to the lowest level since the end of August.
• The seasonally adjusted Purchase Index increased 1% from one week earlier. The unadjusted Purchase Index declined 0.3% compared with the previous week and was 6% higher than the same week one year ago.

Interest Rates

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 3.65% from 3.63%. The 30-year fixed contract rate is at the highest level since mid-September.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) increased to 3.94% from 3.85%. The 30-year jumbo contract rate is at the highest level since mid-September.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 3.41%. The FHA contract rate is at the highest level since the end of September.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 2.95% from 2.96%.

* * *

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

For additional information, visit MBA's web site: www.mortgagebankers.org.

S&P/Case-Shiller: DC Area Home Prices Rise 4.3% Over August 2011

The Standard & Poor/Case-Shiller Home Price Index -- reporting data through August 2012 -- was released October 30. 

With an index level of 194.00, Washington DC is the city showing the biggest increase in average home prices since January 2000.

• Washington Metro Area home prices increased 4.3% over August 2011.
• Nationwide home prices for the composite 20 cities increased 2.0% from August 2011.

Local perspective: the Real Estate Business Intelligence report on the DC Metro Area -- with data through September 2012 -- was released October 10. RBI methodology shows DC Metro home prices increased 6.5% over September 2011, sales rose 4.7%.

*     *     *

Standard & Poor's Research Methodology

When reviewing the S&P/Case-Shiller data keep in mind the following critical points:

• Property Status - The S&P/Case-Shiller Home Price Indices include statistics for distressed properties (i.e. foreclosures, short sales), skewing home prices lower.
• Report Date - These numbers are for May 2012. The S&P/Case-Shiller Home Price Indices are published on a 2-4 month lag to offset delays in sales price data from county deed recorders.
• Property Type - The index reports single-family/detached home prices only; condo and co-op sales statistics are not included in the analysis for the DC area.

Washington Metropolitan Statistical Area Defined

S&P methodology defines the Washington region as a vast "Metropolitan Statistical Area" stretching aross three states from West Virginia, through the District of Columbia, and into Maryland. Housing market statistics for such a vast area bear little relevance for an individual consumer seeking clarity on local home values. Below is the area described as Washington:

• Washington, DC
• Maryland - Calvert, Charles, Frederick, Montgomery, and Prince Georges Counties
• Virginia - Alexandria City, Fairfax City, Falls Church City, Fredericksburg City, Manassas City, Manassas Park City; Arlington, Clarke, Fairfax, Fauquier, Loudoun, Prince William, Spotsylvania, Stafford, Warren Counties
• West Virginia - Jefferson County

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Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

  Ben Dursch  

202-288-4334 | Ben@EversCo.com

HStreetAgent@blogspot.com

Weekly Real Estate Newsletter: October 21-27

 

My DC real estate newsletter for the week of October 21-27 contains the following updates on the local Washington Area housing market:

 

• DC Metro Area home prices rise 4% in third quarter 2012.
• The average price of a home in third quarter is $547,277 - 3.2% higher than the third quarter of 2011.
• U.S. pending home sales increased 14.5% over last year.
• New home construction back up to 2006 levels.
• Mortgage rates remain near record lows.

For additional recent reports consult my newsletter archive. For updates throughout the week check out my Twitter feed. There you will find the latest information on Washington area real estate news including:

• market statistics
• sales figures
• new developments and projects
• buyer/seller advice

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

 

  Ben Dursch  

202-288-4334 | Ben@EversCo.com

HStreetAgent@blogspot.com

 

H Street Area Open Houses: October 27-28

In the hyperlinks below I've attached open houses scheduled in and around H Street for the weekend of October 27-28, 2012.
 

• All results are sorted in order of list price for easy reference.
• Globe and camera icons next to individual listings show maps and photos.
• All property types are included: townhouses, semi-detached homes, condos/coops, single-family homes, etc.

H Street Area

• Saturday, October 27 - 1 open
• Sunday, October 28 - 3 opens
• all active listings - 17

 

Bloomingdale,Truxton Circle, and Eckington

• Saturday, October 27 - 1 open
• Sunday, October 28 - 5 opens
• all active listings - 25

 

Need more? I've also compiled a list of all DC, MD, VA open houses this weekend should your search parameters encompass other areas.

Monthly Housing Market Data

Every month several housing reports are released which include statistics on the Washington Metro Area market. Although each analysis employs differing methodologies with varying results, most show (as usual) the Washington Area to be one of the stronger housing markets nationwide.


new this week - October 25: Delta Associates Washington Area Housing Outlook for 3rd quarter 2012 was released October 25. Metro area home prices are up 4%, the average home is selling at 98% of list price. Prices remain highest in DC, Arlington and Alexandria. The average price of a home in third quarter 2012 is $547,277 - 3.2% higher than the third quarter of 2011. Time on market dropped to 54 days, down from 69 days last year.

new this week - October 25: The August Pending Home Sales Index of the National Association of Realtors -- with data through September -- was released October 25. Pending U.S. home sales have risen for 17 consecutive months on a year-over-year basis, leading to the solid recovery seen in closed existing-home sales this year. Annually, contracts increased 14.5% over September 2011. Monthly: contracts increased 0.3% from August to September.

October 19: The National Association of Realtors report on U.S. *existing* home sales -- with data through September 2012 -- was released October 19. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, are 11% above September 2011. The national median existing-home price for all housing types is up 11.3% from a September of last year. Listed inventory is 20% below a year ago.

October 10: The Real Estate Business Intelligence (RBI) zip code sales report -- with data for September 2012 -- was released October 10. It shows H Street zip code 20002 had a median sales price increase of 52.87% over September of last year. Sales in the zip code increased 8.33% while days on market dropped 42.47%.


October 10: The latest Real Estate Business Intelligence (RBI) analysis of the DC Metro Area housing market -- with data through September 2012 -- was released October 10. Sales have increased 4.7% over September of last year. Close prices have risen 6.5%, contracts are up 9.6%, average time on market is down to 26 days.


October 2: The CoreLogic Home Price Index -- with data through August 2012 -- was released October 2. CoreLogic methodology shows Washington home prices rose 5.5% over August 2011. Nationwide, home prices gained 4.6%.


October 2: The latest Clear Capital Home Data Index Market Report -- with data through September 2012 -- was released October 2. Clear Capital's methodology shows home prices in the DC Metro area rose 12.2%. Home prices nationwide increased 3.6%.


September 26: H Street zip code 20002 is reported by the MRIS blog as one of nine Washington zip codes where the median sale price through August 2012 is the highest year-to-date level on record. The area includes the lowest days on market (well below the DC average of 26) and the highest list/sales price ratio.


September 25: The latest Standard & Poor's/Case-Shiller Home Price Index -- reporting data through July 2012 -- was released September 25. DC Metro Area home prices increased 3.7% over July 2011 compared to a nationwide increase of 1.2%.

September 27: The Pending Home Sales Index of the National Association of Realtors -- with data through August 2012 -- was released September 27. Total U.S. pending homes sales increased 10.7% over August 2011.

For more information on how to interpret sales statistics check out my recent blog post How to Evaluate Housing Reports which discusses important differences in research methodology and how it impacts numbers for the local Washington area.

* * *

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

  Ben Dursch  

202-288-4334 | Ben@EversCo.com

HStreetAgent.blogspot.com

DC MD VA Open Houses: October 27-28

In the hyperlinks below I've attached open houses scheduled in MRIS this weekend for DC, Arlington, Alexandria, and the close-in Montgomery County suburbs.

• All results are sorted in order of list price for easy reference.
• Globe and camera icons next to individual listings show maps and photos.
• All property types are included: condos/coops, single-family homes, townhouses, semi-detached homes, etc.

Washington, DC

• Saturday, October 27 - 42 opens
• Sunday, October 28 - 200 opens

Arlington

• Saturday, October 27 - 9 opens
• Sunday, October 28 - 67 opens

Alexandria

• Saturday, October 27 - 15 opens
• Sunday, October 28 - 65 opens

Montgomery County
Bethesda, Chevy Chase, Potomac, Rockville, Silver Spring, Takoma Park

• Saturday, October 27 - 35 opens
• Sunday, October 28 - 172 opens

Monthly Housing Market Data

Every month several housing reports are released which include statistics on the Washington Metro Area market. Although each analysis employs differing methodologies with varying results, most show (as usual) the Washington Area to be one of the stronger housing markets nationwide.


new this week - October 25: Delta Associates Washington Area Housing Outlook for 3rd quarter 2012 was released October 25.  Metro area home prices are up 4%, the average home is selling at 98% of list price.  Prices remain highest in DC, Arlington and Alexandria.  The average price of a home in third quarter 2012 is $547,277 - 3.2% higher than the third quarter of 2011.  Time on market dropped to 54 days, down from 69 days last year.


new this week - October 25: The August Pending Home Sales Index of the National Association of Realtors -- with data through September -- was released October 25. Pending U.S. home sales have risen for 17 consecutive months on a year-over-year basis, leading to the solid recovery seen in closed existing-home sales this year.  Annually, contracts increased 14.5% over September 2011.  Monthly: contracts increased 0.3% from August to September.


October 19: The National Association of Realtors report on U.S. *existing* home sales -- with data through September 2012 -- was released October 19. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, are 11% above September 2011. The national median existing-home price for all housing types is up 11.3% from a September of last year. Listed inventory is 20% below a year ago.


October 10: The latest Real Estate Business Intelligence (RBI) analysis of the DC Metro Area housing market -- with data through September 2012 -- was released October 10. Sales have increased 4.7% over September of last year. Close prices have risen 6.5%, contracts are up 9.6%, average time on market is down to 26 days.


October 2: The CoreLogic Home Price Index -- with data through August 2012 -- was released October 2. CoreLogic methodology shows Washington home prices rose 5.5% over August 2011. Nationwide, home prices gained 4.6%.


October 2: The latest Clear Capital Home Data Index Market Report -- with data through September 2012 -- was released October 2. Clear Capital's methodology shows home prices in the DC Metro area rose 12.2%. Home prices nationwide increased 3.6%.


September 26: MRIS blog "REsource" reports nine Washington zip codes have a median sales price through August 2012 that is the highest year-to-date level on record. The area includes the lowest days on market (well below the DC average of 26) and the highest list/sales price ratio.


September 25: The latest Standard & Poor's/Case-Shiller Home Price Index -- reporting data through July 2012 -- was released September 25. Case-Shiller methodology shows DC Metro Area home prices increased 3.7% over July 2011 compared to a nationwide increase of 1.2%.


For more information on how to interpret sales statistics check out my recent blog post How to Evaluate Housing Reports which discusses important differences in research methodology and how it impacts numbers for the local Washington area.

* * *

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

  Ben Dursch  

202-288-4334 | Ben@EversCo.com

HStreetAgent@blogspot.com

Delta Associates Housing Outlook: DC Metro Home Prices Up 4%

Delta Associates Washington Area Housing Outlook for 3rd quarter 2012 was released October 25. By most measures, the Washington Metro Area housing market has consistently performed better than other metro areas’ housing markets. This is seen most clearly when examining longterm performance.

Washington Metropolitan Area

District, Alexandria, Arlington; Fairfax, Montgomery, Prince Georges Counties;

Loudoun, Prince William, Frederick Counties
 

• Prices: Average price of a Washington *area* home is now $430,817 - up 4% over third quarter 2011.
• List/Close Price Ratio: the average selling price is now 98% of list price
• Sales volume: Rose 6.7% over last year.
• Days on market: Down over the year to just 56 days, well below the long-term average of 78 days.
• Months of inventory: 3.0 months down from 4.8 months one year ago.

Core

District of Columbia, Alexandria, Arlington

Prices remain highest in the Core jurisdictions of DC, Arlington and Alexandria.  The average price of a Core home in third quarter 2012 is $547,277 - 3.2% higher than the third quarter of 2011.  Time on market dropped to 54 days, down from 69 days last year.

• District: the average price in the 3rd quarter of 2012 is 3.6% higher than one year earlier.
• Alexandria: the average sales price in the 3rd quarter is 5.9% higher than one year ago.
• Arlington: the average price is 0.9% higher than a year ago.

 

*     *     *

Delta Associates is a firm of experienced professionals offering research, advisory, and valuation services to the real estate industry for over 30 years. The firm's Housing Outlook draws from a wide variety of sources including the Bureau of Labor Statistics, the Federal Housing Finance Agency, the National Association of Realtors, Standard & Poor's/Case-Shiller, and the U.S. Census.

Freddie Mac: Mortgage Rates Move Slightly Higher

Freddie Mac's weekly Primary Mortgage Market Survey -- released October 24 -- shows average fixed mortgage rates moving slightly higher while continuing to remain near their all-time lows helping to support the housing market.
 

• 30-Year fixed rate mortgage averaged 3.41%, up from 3.37% last week, down from 4.10% one year ago

• 15-Year fixed rate mortgage averaged 2.72%, up from 2.66% last week, down from 3.38% one year ago

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Borrowers may still pay closing costs which are not included in the survey.

To compare and track average mortgage rates from previous weeks throughout the year consult Freddie Mac's Compilation of Weekly Survey Data for 2012.

Mortgage calculators to compare payments and equity:

• Freddie Mac
• Bankrate.com
• The Federal Reserve Board

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders.

Pending U.S. Home Sales Increase 14.5%

The August Pending Home Sales Index of the National Association of Realtors -- with data through September -- was released October 25.

The Index tracks the number of properties under contract nationwide and by region. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

Nationwide

Pending U.S. home sales have risen for 17 consecutive months on a year-over-year basis, leading to the solid recovery seen in closed existing-home sales this year.

• Annually: contracts increased 14.5% over September 2011
• Monthly: contracts increased 0.3% from August to September

Region

• Northeast - pending home sales were 26.1% higher than a year ago
• Midwest - the index rose 19.3% above September 2011
• South - contracts are 17.6% above a year ago
• West - the index rose 0.8% from September of last year

The Pending Home Sales Index has continued to show a steady year-over-year increase in contracts activity in 2012.

• August 2012 - pending home sales rose 10.7%
• July 2012 - contracts increased 12.4%
• June 2012 - contracts advanced 9.5%
• May 2012 - contracts rose 13.3%
• April 2012 - contracts increased 14.4%
• March 2012 - showed a rise of 12.8%
• February 2012 - contracts increased 9.2%
• January 2012 - pending sales rose 8%

*     *      *

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

  Ben Dursch  

202-288-4334 | Ben@EversCo.com

HStreetAgent.blogspot.com



Mortgage Applications Decrease

The Weekly Mortgage Application Survey of the Mortgage Bankers Association -- with data for the week ending October 19 -- was released October 24.

Application Volume:

• The Market Composite Index, a measure of mortgage loan application volume, decreased 12% on a seasonally adjusted basis from one week earlier, but that week included an upward adjustment for the Columbus Day holiday.  On an unadjusted basis, the Index decreased 2% compared with the previous week.
  
  
• The Refinance Index decreased 13% from the previous week to the lowest level since late August.
  
  
• The seasonally adjusted Purchase Index decreased 8% from one week earlier. The unadjusted Purchase Index increased 2% compared with the previous week and was 7% higher than the same week one year ago.

Interest Rates

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 3.63% from 3.57%.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) increased to 3.85% from 3.81%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.41% from 3.34%.

The average contract interest rate for 15-year fixed-rate mortgages increased to 2.96% from 2.87%.

* * *

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

For additional information, visit MBA's web site: www.mortgagebankers.org.

Weekly Newsletter: October 14-20

My latest DC real estate newsletter for the week of October 14-20 contains the following updates on the local Washington Area housing market:

• U.S. existing home sales rise 11%, median sale price up 11.3%.
• Construction new homes increases 15%.
• Kalorama, McLean make Forbes most expensive zip codes list.
• Mortgage rates remain near record lows.

For additional recent reports consult my newsletter archive. For updates throughout the week check out my Twitter feed. There you will find the latest information on Washington area real estate news including:

• market statistics
• sales figures
• new developments and projects
• buyer/seller advice

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

  Ben Dursch  

202-288-4334 | Ben@EversCo.com

HStreetAgent@blogspot.com